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Safin signs preliminary agreement on Dunaferr takeover

Deals

Safin GmbH, a Kazakh-owned industrial company headquartered in Vienna, has signed a preliminary agreement on taking over the operation of Hungarian steel maker Dunaferr, the latter's chief counsel Péter Nagy said at a press conference, according to azuzlet.hu.

Nagy said Safin, which supplies Dunaferr with much of its feedstock "has been operating the company since September" but would elevate that partnership to the next level with the preliminary agreement.

He added that the final form of the agreement is still being drafted. Dunaferr said on March 17 that it had signed an agreement with an investor, but did not reveal the party.

Nagy said Safin has been helping Dunaferr to sell the products it makes with Safin's feedstock, then the companies split the revenue.

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